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Commercial Non-Life Insurance Brokers in Denmark

  • June 2016
  • -
  • Finaccord
  • -
  • 19 pages

Commercial Non-Life Insurance Brokers in Denmark, plus the BrokerBASE™ and market data file that accompany it, investigates the importance of brokers in the distribution of non-life (P&C) insurance for business, public sector and not-for-profit customers in Denmark. This study first provides unique data concerning the size, segmentation and growth of the Danish commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research covering all significant broking entities, it ranks the leading ten brokers in Denmark according to their approximate revenues derived from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits consulting.

This study provides unique data in the following areas:

- the value of commercial non-life insurance markets from 2011 to 2015 with a segmentation between commercial liability, motor, property, MAT and other premiums and with a split for 2015 alone by size of insured entity (i.e. micro, small, medium, large and very large customers);

- the distribution share of brokers in this market in both 2011 and 2015 and the revenues consequently generated by them in each year that represent the value of the market for commercial lines broking in Denmark;

- the approximate segmentation of commercial lines broking revenues by size of insured entity (i.e. again with a split across micro, small, medium, large and very large customers);

- the combined share of commercial lines broking revenues of the top three and top ten brokers in 2015 with this data broken out in the BrokerBASE™ for each of the top ten brokers in Denmark;

- also for the top ten brokers, the approximate segmentation of their total broking revenues in 2015 (expressed as a percentage range) between commercial lines, personal lines, employee benefits plus life / health insurance, and wholesale insurance / reinsurance;

- forecasts for 2019 for the value of commercial non-life insurance premiums, brokers' distribution share of this market and the revenues predicted to be generated by brokers in that year from commercial lines.

Moreover, the study can be used in one or more of the following ways:

- to quantify the size and structure of both the underlying commercial non-life insurance sector and the associated commercial lines broking market in Denmark;

- to understand how the value of both of these is likely to segment by size of insured customer;

- to understand the competitive landscape for commercial lines broking in Denmark as defined by market concentration, the presence of international brokers and the business mix of the top ten competitors;

- to identify the leading commercial lines brokers in Denmark, with coverage of competitors such as Aon, Contea Assurance, Marsh & McLennan Companies, Söderberg & Partners Denmark and Willis Towers Watson.

Table Of Contents

Commercial Non-Life Insurance Brokers in Denmark
0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life (PandC) insurance, excluding other types of business. . 3
.and on brokerage, even where intermediaries can act as both agents and brokers . 3
Rationale . 3
In many countries, brokers constitute the most important distribution channel for commercial lines . 3
Methodology . 4
Research program 4
Market data analysis . 4
Definitions . 4
Premiums 4
Size of insured entity. 4
Abbreviations 5
BrokerBASE . 5
Finaccord 5
2.0 MARKET ANALYSIS . 7
Introduction . 7
Regulatory information . 7
In the vast majority of cases, brokers must be remunerated through fees, not commissions 7
Commercial non-life insurance market . 8
The Danish market for commercial non-life insurance has struggled to grow in recent years… . 8
…with premiums for commercial liability insurance having fallen back most rapidly 8
Insured entities in the micro segment generate nearly one quarter of premiums in this market 10
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Brokers are likely to have increased their distribution share of commercial lines premiums since 2011 . 11
The micro segment contributes much less to brokers' revenues than to commercial lines premiums 13
Competitor trends . 15
The structure of the Danish commercial lines broking market changed little between 2011 and 2015 . 15
Willis Towers Watson is comfortably ahead of its closest competitor 15
Commercial lines broking is the most important source of revenue for nine of the top ten brokers . 16
International broker networks . 17
Söderberg and Partners Denmark is affiliated to eight different international networks . 17
Future outlook . 18
Revenue growth in the commercial lines broking market will be derived from a combination of factors . 18

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Key market data for commercial non-life insurance brokers in Denmark, 2011, 2015 and 2019 (forecast) . 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS . 7
Segmentation of commercial non-life insurance gross written premiums in Denmark by line of business, 2015 8
Growth in commercial non-life insurance gross written premiums in Denmark segmented by line of business, 2011 to 2015 9
Segmentation of commercial non-life insurance gross written premiums in Denmark by line of business, 2011 to 2015 (table) . 9
Segmentation of commercial non-life insurance gross written premiums in Denmark between micro, small, medium, large and very large entities, 2015 . 10
Segmentation of commercial non-life insurance gross written premiums in Denmark between micro, small, medium, large and very large entities, 2015 (table) . 11
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2011 and 2015 12
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2011 and 2015 (table) 12
Segmentation of commercial non-life insurance broking revenues in Denmark between micro, small, medium, large and very large entities, 2015 . 13
Segmentation of commercial non-life insurance broking revenues in Denmark between micro, small, medium, large and very large entities, 2015 (table) . 14
Share of the top three and the top ten brokers in commercial non-life insurance broking in Denmark, 2011 and 2015 . 15
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Denmark, 2015 . 16
Segmentation of all insurance broking revenues between commercial lines, personal lines, employee benefits / life / health insurance and wholesale / reinsurance, for the top ten commercial non-life insurance brokers in Denmark, 2015 . 17
Partners of international broker networks in Denmark, 2016 18
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2019 (forecast) 19
Brokers' distribution share of the commercial non-life insurance market and revenues earned from it in Denmark, 2019 (forecast) (table) 19

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